In this lecture, Patrick Newman explains how the constitutional convention was a coup orchestrated by politicians and special interest groups to centralize power, grant special privileges to crony corporations, institute a central bank, and is therefore the entire reason the…

A clip from my conversation with Patrick Newman discussing Rothbard's work on American history by focusing on Rothbard's The Progressive Era.

Listen to the full episode (215) on your preferred podcast platform, on YouTube, or via my website: bit.ly/4aovYOr

I really enjoyed discussing with Saifedean Ammous Rothbardian economic history from the 1780s to the Federal Reserve, especially Rothbard’s The Progressive Era (2017). Check it out!

youtu.be/0ON8PJqoX9I?si…

Strong real gross domestic income data for Q4’23 just released. No recession in ‘23. But nominal spending (avg nom. GDP + GDI) looks too high for 2% inflation. Conclusion: the Fed raised rates and avoided a bust but the boom still continues and inflation has been stabilizing ~3%.

Good to know. I’ll talk to my realtor after the apocalypse starts.

Just read a WSJ article on the FTC—apparently, we have had decades of laissez faire. I had no idea! Why don’t we remove the special privileges given to big business instead of using antitrust? Less entry barriers and open competition is the key, not attacks on economies of scale.

Check out my new book review of Albert Churella’s tome on the Pennsylvania Railroad!

eh.net/book_reviews/t…

My October analysis still holds. The ratio of home prices to owner equivalent rent is still too high. Home prices rose sharply after COVID, causing homeowners to continue to estimate they can rent out their homes at high prices. This will keep up inflation and postpone rate cuts.

I remember this! Senior year of college.

Blast from the past

'Nominal values have gone up, nominal wages have gone up, nominal incomes have gone up, nominal salaries have gone up, but prices have also gone up—and it hasn't been equal. Some of us are richer, while others of us are poorer.' Patrick Newman

Dr. Patrick Newman breaks down the reality of how much inflation the Federal Reserve causes and how that harms the average consumer.

Paul Krugman may dismiss such 'unimportant things' like... energy and food, but the average American cannot.

Always a pleasure speaking Mises Institute events, and I really enjoyed the most recent one in Tampa on inflation. My talk focused on the redistributive effects of monetary policy and how the Fed’s money printing creates winners and losers youtu.be/PGgbcbn4yvA?si…

'Those who receive the new money first are the winners, and those who receive the new money last are the losers. Inflation is the hidden tax.' Patrick Newman spreaker.com/episode/the-re…

One of everyone’s favorite Newmans—Patrick Newman discussing the Cantillion Effect and Monetary Policy

CPI came in at 3.1% yoy versus 2.9% est. Doves will argue this because of the lagged shelter component. But owner-equivalent rent proxies the cost of a home, which is out of reach for most Americans. This and other price rises are why many still suffer from the inflation tax.

I’ve lost sleep over commercial real estate malinvestments, but now that regulators are on it I feel much better.

Four Charts that Show Cantillon Effects | Jonathan Newman

Richard Cantillon, whom Austrians consider to be the real father of modern economics, noted that new money creation has uneven effects. Jonathan Newman demonstrates how those effects take place.

mises.org/wire/four-char…

“The bank, Mr. Van Buren, is trying to kill me, but I I will kill it!”

The chart on the left makes sense. The chart on the right doesn't fit the facts. There was a slowdown in aggregate demand growth from 2022-2023 when one measures nominal spending with the average of GDP and GDI.